The Naira, on Tuesday, reported a loss of N106.05 at the official foreign exchange (FX) market as turnover declined by 36.62 percent.
At the close of trading on Tuesday, the naira depreciated by 6.4 percent as the dollar quoted at N1,658.97 compared to N1,552.92 on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data obtained from the FMDQ Securities Exchange Limited.
The FX market turnover declined by 36.62 percent to $217.86 million on Tuesday from $343.71 million recorded on Monday at the NAFEM.
According to the market summary released by the FMDQ, the intraday high appreciated to N1,670.50 on Tuesday compared to N1,682 on Monday. The intraday low closed at N1,566.29, lower than N1,540 closed on Monday.
Meanwhile, the local currency maintained its position at N1,700 in the parallel market—often referred to as the black market—according to data from online FX platforms and street traders.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
